Since EIP-1559 was implemented 2 years ago 3.6 million ETH has been burned worth around $5.9 billion now. If burned ETH was a crypto itself it would be in top 12 coins by market cap.

So as most of you know EIP (Ethereum improvement proposal) - 1559 was Ethereum's upgrade in August 2021 that changed the way that ETH processes and calculates gas fees. EIP 1559 changed Ethereum network in the way that Ethereum nowadays burns ETH tokens that are used to pay base fees, so every time you make some transaction on ETH mainnet you burn a little bit of Ethereum.

Coupled that with Ethereum's switch from proof of work to proof of stake, it actually helped ETH get to the point that it's slightly deflationary at this moment. Supply has actually steadily gone down a bit since September of last year. Supply going down actually makes our ETH that we hold slightly more scarce, and therefore a bit more valuable.

ETH supply chart of last 3 years

Current burn rate is slightly more than 1 ETH per minute and overall since this proposal implemented around 3.6 million ETH has been burned. Even under current bear market prices, that have even gone down a bit more the last couple of weeks, that is still almost $5.9 billion worth of ETH that's burned. Amount of Ethereum that was burned for example is a higher worth than full market cap of a token like Matic that has 5 billion market cap, or Polkadot that has 5.2, or for example this sub's previous darling Algorand has around 8 times smaller market cap than amount of burned ETH in its fiat value.

Ethereum burned so far

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